Financial

Banks have been accused by a senior MP of "dragging their feet" when it comes to refunding victims of fraud.

Harriett Baldwin's comments come as newly published figures name, for the first time, individual banks to show how much money they refund.

Jersey Police are warning islanders to be vigilant about cryptocurrency fraud.

It comes after one islander lost £700,000, after investing in an online crypto scam.

This brings the total reported losses to this type of crime to £1.8 million in this year alone.

A major bank has issued a warning about crypto investment scams, with victims standing to lose more than £10,000 on average and young adults often being particularly at risk.

Lloyds Bank has recorded a 23% rise in reports of cryptocurrency investment scams by customers in its banking group (including Lloyds Bank, Halifax and Bank of Scotland) between January and September 2023, compared with the equivalent period last year.

The UK Financial watchdog urges firms to strengthen fraud controls and improve support for victims.

A recent review of fraud controls among UK financial firms has revealed a mix in standards, and an amplified need for support for customers who have fallen victim to fraud.

A former Parachute Regiment officer who pleaded guilty to masterminding a massive international “pump and dump” fraud will spend three years in a United States federal prison.

But Belfast man Roger Knox, a Campbell College alumni, faced up to 15 years for his involvement in a scheme prosecutors claim defrauded $164m (£135m) from thousands of mostly small investors.

https://www.irishnews.com/news/northernirelandnews/2023/11/02/news/belfast_fraudster_former_para_sentenced_over-3746012/?param=ds441rif44T

For the first time, banking firms have disclosed money transfer fraud reimbursement rates for claims. Here are the best and worst when it comes to victims getting their money back.

https://www.yourmoney.com/saving-banking/news-saving-banking/named-and-shamed-the-banks-least-likely-to-refund-fraud-victims/#disqus_thread

Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX.

After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy.

The Financial Conduct Authority (FCA) must have a greater role in combating fraud, according to the trade association representing investment managers and financial advisers.

https://www.theactuary.com/2023/11/01/investment-industry-demands-major-fraud-role-city-watchdog

Haydee Daniel from Henley was sentenced to four and a half years’ imprisonment at Wood Green Crown Court last Thursday after a four-week trial for fraud.

Ms Daniel scammed a couple in Islington after they were offered fraudulent financial investment returns between January and May 2018 in excess of £230,000.

The UK’s payments regulator has published the first entry in a new data series tracking how individual banks have been affected by and responded to authorised push payment (APP) fraud.

The Payment Systems Regulator collected figures from the country’s 14 largest banks, as well as nine smaller firms that were among the top receivers of money from fraud.